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OECD To Remove Isle Of Man From Blacklist

Amanda Banks, Tax-news.com, London

14 February 2001

The Isle of Man online news service reported earlier this week that the jurisdiction has received official confirmation that it will be one of the first tax havens to be removed from the OECD's harmful tax competition blacklist when it is reviewed in July.

However, although clearly relieved at finally coming off the OECD blacklist, the Isle of Man, and other jurisdictions no doubt, will not thank the multilateral for it as most have been outraged from the beginning since their inclusion on the blacklist.

At the recent forum in Paris hosted by the FATF, an organisation set up by the OECD, the Isle of Man's Chief Minister, Donald Gelling, attacked the multilaterals saying: 'We seem to have witnessed a period of unprecedented international suspicion about the nature of business transacted in small financial centres. On the tax front we have had to contend with the OECD harmful tax competition report and the various European Union tax initiatives. The prejudice in some quarters has been palpable. Having been on the receiving end of more international scrutiny and ill-informed comment than I can ever recall, I relish this opportunity of responding.'

He said the Isle of Man's removal from the blacklist marked a new beginning for the Island's financial services sector and his government would overlook what could be considered as the OECD's prejudice and threats to make a commitment to building on the new consultative process which. He stated: 'We are prepared to give the new process a chance to get it right.'

In a letter addressed to Chief Secretary Fred Kissack, Bruno Gibert, co-chairman of the OECD's Forum on Harmful Tax Practices, stated: 'We look forward to the Isle of Man’s participation in the upcoming Global Forum meeting on March 12 and 13.' - where only unlisted countries will get a seat at the table.

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